Core Viewpoint - Anke Rui Electric Co., Ltd. has shown a positive stock performance with a year-to-date increase of 25.70% and a recent rise in share price, indicating strong market interest and potential growth in the energy management sector [1][2]. Financial Performance - For the first half of 2025, Anke Rui achieved a revenue of 539 million yuan, reflecting a year-on-year growth of 1.54%, while the net profit attributable to shareholders increased by 24.83% to 126 million yuan [2]. - Cumulative cash dividends since the A-share listing amount to 572 million yuan, with 229 million yuan distributed over the past three years [3]. Shareholder Information - As of June 30, 2025, the number of shareholders increased by 2.39% to 13,800, with an average of 12,727 circulating shares per shareholder, a decrease of 2.31% [2]. - Notably, the seventh largest circulating shareholder, Nuoan Pioneer Mixed A, reduced its holdings by 214,550 shares [3]. Market Activity - On October 15, the stock price reached 25.33 yuan per share, with a trading volume of 56.24 million yuan and a turnover rate of 1.29%, indicating active trading [1]. - The net inflow of main funds was 2.69 million yuan, with large orders accounting for 15.73% of purchases [1]. Business Overview - Anke Rui specializes in the research, production, sales, and service of equipment and systems for energy efficiency management in medium and low voltage enterprises, with a revenue composition that includes power monitoring systems (41.94%) and energy management products (32.41%) [1]. - The company is categorized under the power equipment industry, specifically in grid equipment and electrical instruments [1].

Company Overview - Anke Rui Electric Co., Ltd. is located in Jiading District, Shanghai, established on June 23, 2003, and listed on January 13, 2012 [1] - The company specializes in the research, production, sales, and service of equipment and systems required for energy efficiency management in medium and low voltage microgrids [1] Financial Performance - For the first half of 2025, Anke Rui achieved operating revenue of 539 million yuan, a year-on-year increase of 1.54%, and a net profit attributable to shareholders of 126 million yuan, up 24.83% year-on-year [2] - The company has distributed a total of 572 million yuan in dividends since its A-share listing, with 229 million yuan distributed in the last three years [3] Stock Performance - As of September 17, Anke Rui's stock price increased by 2.03%, reaching 25.62 yuan per share, with a total market capitalization of 6.425 billion yuan [1] - Year-to-date, the stock price has risen by 27.14%, with a 7.87% increase over the last five trading days, 9.02% over the last twenty days, and 18.33% over the last sixty days [1] Shareholder Information - As of June 30, 2025, the number of shareholders increased to 13,800, a rise of 2.39%, while the average circulating shares per person decreased by 2.31% to 12,727 shares [2] - Notably, the seventh largest circulating shareholder, Nuoan Pioneer Mixed A, holds 2.887 million shares, having decreased by 2.1455 million shares compared to the previous period [3] Business Segments - The main revenue sources for Anke Rui include: - Power monitoring and substation comprehensive monitoring systems (41.94%) - Energy management products and systems (32.41%) - Power sensors (11.68%) - Fire safety and electricity safety products (7.58%) - Other microgrid-related products (5.89%) - Other revenues (0.49%) [1] Industry Classification - Anke Rui is classified under the Shenwan industry as: - Power Equipment - Grid Equipment - Electrical Instruments and Meters [1] - The company is involved in several concept sectors including solar energy, virtual power plants, power IoT, smart grids, and charging piles [1]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [4]. Core Insights - The company has shown significant improvement in profitability due to effective cost control, with a notable increase in net profit by 24.83% year-on-year for the first half of 2025 [1][3]. - Revenue for the first half of 2025 reached 539 million yuan, reflecting a year-on-year growth of 1.54% [1]. - The company is focusing on expanding in both domestic and overseas markets, particularly in sectors like new energy and virtual power plants [3]. Summary by Sections Financial Performance - In Q2 2025, the company achieved revenue of 295 million yuan, a year-on-year increase of 2.34% and a quarter-on-quarter increase of 21.46% [1]. - The net profit for Q2 2025 was 73 million yuan, marking a year-on-year growth of 32.58% and a quarter-on-quarter growth of 40.66% [1]. Revenue Breakdown - Revenue from power monitoring and substation comprehensive monitoring products grew by 0.01% to 226 million yuan, with a gross margin increase of 1.03 percentage points to 48.34% [2]. - Revenue from energy efficiency management products decreased by 0.12% to 175 million yuan, but the gross margin increased by 0.73 percentage points to 48.39% [2]. - Revenue from electric sensors increased by 6.47% to 63 million yuan, with a gross margin increase of 0.06 percentage points to 45.34% [2]. - Revenue from fire and electrical safety products decreased by 0.85% to 41 million yuan, while the gross margin increased by 0.69 percentage points to 47.98% [2]. - Revenue from enterprise microgrid and other products grew by 20.14% to 32 million yuan, with a gross margin increase of 0.83 percentage points to 45.93% [2]. Cost Management - The company has effectively controlled costs, with a decrease in sales expense ratio by 0.94 percentage points to 11.89%, management expense ratio by 0.14 percentage points to 5.68%, and R&D expense ratio by 1.58 percentage points to 9.67% [3]. - The overall gross margin improved by 0.75 percentage points to 47.82%, and the net profit margin increased by 4.36 percentage points to 23.30% [3]. Future Outlook - The company is expected to continue its growth trajectory, with projected net profits of 238 million yuan, 284 million yuan, and 335 million yuan for 2025, 2026, and 2027 respectively [4][5]. - The estimated earnings per share (EPS) for the same years are projected to be 0.95 yuan, 1.13 yuan, and 1.34 yuan [4][5].

8月25日，安科瑞（300286）发布2025年半年度报告。报告显示，2025上半年公司实现营业收入5.39亿 元，同比增长1.54%；实现归母净利润1.26亿元，同比增长24.83%；基本每股收益为0.55元；经营活动 产生的现金流量净额为8921.26万元，同比增长28.33%。 2025年上半年公司业绩平稳增长。随着24年起持续的研发投入，公司在企业微电网领域智能化发展方面 取得了显著进展。报告期内，公司主营的企业微电网产品和电量传感器的营业收入分别同比增长 20.14%和6.47%，电力监控及变电站综合监测系统、能效管理产品及系统和消防及用电安全产品的营业 收入对比上年同期无较大增减。 报告期内，公司国内、海外市场营收双增。得益于EMS2.0与EMS3.0的积极推广，公司成功在公共事 业、新能源及产业园区等领域实现了销售收入的提升，并紧密跟踪行业需求动态，灵活调整销售策略， 保持了国内市场领先地位。此外，公司对出海业务持续投入，展现出了巨大的发展空间与需求增长潜 力。2025上半年，公司境外营业收入为2675.29万元，同比增长8.04%。 此外，公司还发布了2025年半年度利润分配方案，拟以247, ...

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 32.76 [1][5]. Core Views - The company has shown a steady revenue growth of 1.54% year-on-year in H1 2025, achieving revenue of RMB 539 million and a net profit of RMB 126 million, which is a 24.83% increase year-on-year [1][2]. - The increase in profitability is attributed to a higher proportion of software revenue, leading to improved gross margins and better expense management [1][3]. - The demand for the company's overseas expansion and EMS 3.0 business is expected to grow, supported by favorable industry trends in energy efficiency management [1][4]. Summary by Sections Revenue and Profitability - In H1 2025, the company achieved revenue of RMB 539 million, with a net profit of RMB 126 million, reflecting a year-on-year increase of 24.83% [1][2]. - The gross profit margin improved to 47.82%, up by 0.75 percentage points year-on-year, driven by efficiency optimization in production lines [3]. Product Performance - Revenue from various product segments in H1 2025 includes RMB 226 million from power monitoring systems, RMB 175 million from energy management products, and RMB 41 million from fire safety products, with overall revenue growth supported by the accelerated rollout of EMS 3.0 products [2][3]. Domestic and International Growth - Domestic revenue reached RMB 512 million, growing by 1.21% year-on-year, while international revenue was RMB 27 million, up by 8.40% year-on-year, indicating a dual growth strategy [4]. - The company is focusing on expanding its sales presence in Southeast Asia, Europe, the Middle East, and Africa, which is expected to enhance future business growth [4]. Earnings Forecast and Valuation - The revenue forecast for 2025 is adjusted to RMB 1.252 billion, with a compound annual growth rate (CAGR) of 22.71%, and net profit forecasted at RMB 294 million, with a CAGR of 40.65% [5]. - The target price is set at RMB 32.76, based on a price-to-earnings (PE) ratio of 28x for 2025, reflecting the company's software product advantages [5].

Core Viewpoint - The company experienced a decline in revenue and profit in 2024, but showed signs of recovery in Q1 2025, indicating potential for future growth through strategic market expansion and product development [3][4]. Financial Performance - In 2024, the company achieved operating revenue of 1.063 billion, a decrease of 5.24% year-on-year, and a net profit attributable to shareholders of 170 million, down 15.68% year-on-year. The non-recurring net profit was 151 million, a decline of 18.07% [3]. - In Q1 2025, the company reported operating revenue of 243 million, an increase of 0.58% year-on-year, and a net profit attributable to shareholders of 52 million, up 15.33% year-on-year, with a significant quarter-on-quarter growth of 358.99% [3]. Business Segment Analysis - The traditional business model faced challenges in 2024, impacting the conversion rate of some registered projects. Revenue from power monitoring and substation comprehensive monitoring products decreased by 12.12% to 436 million, with a gross margin decline of 1.67 percentage points to 45.19% [4]. - Revenue from energy efficiency management products decreased by 0.57% to 355 million, with a gross margin decline of 1.69 percentage points to 45.08%. Revenue from power sensors increased by 7.43% to 120 million, with a gross margin decline of 1.23 percentage points to 44.08% [4]. - Revenue from fire safety and electrical safety products decreased by 16.11% to 89 million, while revenue from enterprise microgrid-others increased by 24.46% to 57 million [4]. - The overall sales gross margin in 2024 decreased by 1.72 percentage points to 44.67%. However, in Q1 2025, the sales gross margin improved by 0.47 percentage points to 47.50%, indicating potential for continued improvement [4]. Market Expansion Strategy - The company is focusing on high-growth domestic sectors such as renewable energy, new electricity reforms, and virtual power plants to explore new business models [5]. - Internationally, the company is expanding in Southeast Asia, Europe, the Middle East, and Africa, with Singapore as a central hub for business development. In 2024, overseas revenue grew by 33.22% to 44 million, showcasing strong growth momentum [5]. Sales and R&D Integration - The company is developing a technical sales team to support the promotion of more complex EMS2.0 and EMS3.0 products. R&D personnel are being integrated into the sales process to provide technical guidance and enhance product promotion [6].

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 打造技术型销售团队，研发下沉助力推广 随着技术复杂性更高的EMS2.0和EMS3.0产品推出，销售团队的技术水平要求显著提升。公司形成研发与 销售联动，部分研发人员下沉市场，对销售团队进行技术指导，助力产品推广。 风险提示： 电改进度不及预期风险、渠道扩展不及预期风险、市场竞争加剧风险。 发布日期： 2025-04-24 报告摘要 事件： 2024年公司实现营业收入10.63亿元，同比减少5.24%，实现归母净利润1.70亿元，同比减少15.68%，扣非 归母净利润1.51亿元，同比减少18.07%，拟向全体股东每10股派发现金红利3元（含税）。2025Q1公司实 现营业收入2.43亿元，同比增长0.58%；实现归母净利润0.52亿元， ...